Floor & Decor Q1 sales rise 9.1%
Floor & Decor Holdings, Inc. reported first quarter 2023 sales increased 9.1% to $1.12 billion from first quarter 2022 sales of $1.03 billion.
Comparable store sales decreased 3.3%, however.
During the quarter, Floor & Decor opened three new warehouse stores, ending the quarter with 194 warehouse stores and five design studios.
The company says it still intends to open between 32 and 35 new locations during the fiscal year. Floor & Decor is approaching the milestone of its 200th store opening.
The home improvement retailer posted an operating income of $95.5 million, rising 1.6% from an operating income of $94 million in the prior first quarter.
Net income for the period was nearly flat, increasing just 0.8% to $71.5 million from $71 million in the first quarter of fiscal 2022.
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The Bottom Line: As sales rise more than 9% for the quarter, profits at Floor & Decor move ahead just 0.8% to $71.5 million.
What the CEO said: “We take pride in these first-quarter 2023 earnings results as they demonstrate the continuing strong execution of our long-term growth strategies and our near-term agility in adapting to the significant year-over-year declines in existing home sales and broader macroeconomic challenges,” said Tom Taylor, CEO of Floor & Decor. “As consumers prioritize value and savings, we are capitalizing on our low prices and value options, our trend-forward broad assortments, in-stock job lot quantities, and superior customer service provided by our store associates.”
“We are excited about achieving another milestone in our company’s history in May 2023, when we expect to open our 200th warehouse store, towards our goal of operating at least 500 warehouse stores over time,” Taylor added.
Company Info: Click here to read the full first quarter 2023 financial report from Floor & Decor.
